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论文编号：	11862
作者编号：	2120182989
上传时间：	2020/6/23 9:46:35
中文题目：	市场竞争、财务弹性与企业创新投入
英文题目：	Market Competition, Financial Flexibility and Enterprise Innovation Investment
指导老师：	黄福广
中文关键字：	市场竞争，创新投入，财务弹性
英文关键字：	Market competition，Innovation investment，Financial flexibility
中文摘要：	在市场竞争愈演愈烈的宏观态势下，不少企业开始意识到开展创新活动的重要性。创新逐渐成为企业保持核心竞争力并获得超额报酬的重要路径。然而，我国企业整体创新水平较发达国家相比仍然存在明显差距。随着经济一体化的全面推进，日趋激烈的市场竞争给企业创新带来外部压力的同时也提供了动力支撑，竞争被认为是影响企业创新投入的重要因素。探究市场竞争与企业创新投入二者之间的关系，不仅符合国家政策需求，还有利于企业长远稳定的发展。 通过对既有文献的梳理，本文发现已有研究大都是将市场竞争作为调节变量探究其他因素对创新的作用，少有的对市场竞争与企业创新投入关系系统进行探究的，结论尚不一致。同时，尚未有学者将财务弹性与“市场竞争、企业创新投入”纳入同一研究框架中，综合考察外部宏观环境与企业微观行为共同对企业创新投入的作用。基于此研究出发点，本文拟在探究市场竞争与企业创新投入之间关系的基础上，考察作为企业关键内部特征之一的财务弹性是否会对二者关系产生调节作用，并对财务弹性进行分类，探讨不同类型的弹性产生的调节效果是否会发生变化。本文选取了2007-2018年度全部A股上市企业为研究样本，以创新投入强度指标RD作为被解释变量，以市场竞争程度指标ZHHI作为解释变量，财务弹性FFI作为调节变量，搭建了回归模型。实证分析方面，本文首先使用主成分分析的方法构建并计算出财务弹性指数，并在描述性统计与相关性分析的基础上利用模型回归以验证假设，最后进一步将财务弹性区分为现金弹性与负债弹性分别进行回归。 本文的研究发现有：第一，适当市场竞争范围内，市场竞争对企业创新投入的影响表现为促进作用，而过度市场竞争状态下企业创新行为反而会受到抑制；第二，财务弹性弱化了市场竞争对企业创新投入的作用；第三，财务弹性对市场竞争与企业创新投入关系的调节作用只限于现金弹性而不包括负债弹性。因此，政府应当引导市场竞争格局朝着有利于企业创新研发的方向发展，而企业应当重视财务弹性机制建设，合理分配财务资源，助力创新。
英文摘要：	With the increasingly fierce market competition, the importance of corporate innovation has become increasingly prominent. Innovation, as one of the most important activities in the business process of an enterprise, is an important way for an enterprise to maintain its core competitiveness and obtain excess compensation. However, compared with developed countries, there is a significant gap in the overall level of innovation of Chinese enterprises. With the comprehensive advancement of economic integration, increasingly fierce market competition has brought external pressure to corporate innovation and also provided motivational support. Therefore, competition is considered to be an important factor affecting enterprise innovation factor. Exploring the relationship between market competition and innovation input is not only in line with the national policy demand, but also conducive to the long-term and stable development of enterprises. Based on a review of existing literature, this paper finds that most of the existing studies have used market competition as a moderator to explore how other factors affect corporate innovation, while systematic research on the relationship between market competition and corporate innovation is relatively rare. At the same time, no scholar has incorporated financial flexibility and "market competition, corporate innovation" into the same research framework, and comprehensively examined the role of external macro environment and corporate micro behavior on corporate innovation. On the basis of exploring the relationship between market competition and corporate innovation, it also examines whether financial flexibility, which is one of the key characteristics of an enterprise, has a regulating effect on the relationship between the two, and conducts in-depth research on the classification of financial flexibility. This paper selects all a-share listed companies from 2007 to 2018 as research samples. The innovation input intensity is used as the explanatory variable, the degree of market competition (Herfindahl-Hirschman Index) is used as the explanatory variable, and financial flexibility is used as the regulating variable. Then, regression models are established. For empirical analysis, this paper first uses the principal component analysis method to calculate the financial flexibility index, then performs descriptive statistics and correlation analysis, and then model regression was used to verify the hypothesis on the basis of descriptive statistics and correlation analysis. Finally, financial flexibility is further divided into cash flexibility and liability flexibility for regression. Based on the above analysis, the research findings of this paper are as follows: First, moderate market competition can promote enterprises to increase innovation investment, but under the state of excessive market competition, corporate innovation behavior will be inhibited. Second, financial flexibility will weaken the role of market competition in corporate innovation. Third, the role of financial flexibility in regulating market competition and corporate innovation is limited to cash flexibility and excludes liability flexibility. Therefore, the government should guide the market competition pattern toward the development of enterprises, and enterprises should attach importance to the construction of financial flexibility mechanisms, rationally allocate financial resources, and help innovation.
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